I converted "extra" OnePass miles (through Amtrak) to Choice is expectation that they'd do the "winter sale" on Preferred Hotels again. They didn't! Oh well -- it would have been great. Right now, I'm planning on burning the points at some of the regular Choice hotels in Europe. It ain't the same, but it's still a good deal (like $250 hotel rooms for the equivalent of 5000 OnePass miles). I guess the regular "Preferred" conversion rate isn't horrible, either, but you need a lot of points!